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Canadian Trade Plummets Amid Global Shutdowns


By Shelly Hagan

(Bloomberg) Canadian exports and imports plunged by the most ever in April amid a shutdown of global trade.Exports plunged 30% during the month, more than offsetting a 25% drop in imports. The nation’s trade deficit widened to C$3.3 billion ($2.4 billion), from C$1.5 billion in March. The median estimate of economists surveyed by Bloomberg had called for a C$3 billion shortfall.

The report illustrates the extent to which global trade has collapsed amid pandemic-related lockdowns and travel restrictions. In Canada’s case, the economy is facing a double whammy from the pandemic and tanking oil prices. Combined imports and exports at C$68.6 billion were the lowest since 2010.

Canada's exports see largest one month drop on record

Energy exports dropped 44% in April, as the value of crude oil shipments fell 55% on lower prices and lower volumes due to weaker global demand.

In volume terms, total exports were down 20% in April, with imports falling 25%.



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